Are There Any Alternatives to Bitcoin?

In the modern virtual currency marketplace, bitcoin reigns supreme. Since its founding in 2008, bitcoin has led the cryptocurrency market in terms of growth and market prices.

However, this doesn’t mean that bitcoin is the only option. Many alternative virtual currencies offer service networks that are more fit for specific requirements, depending on your institutional or personal needs.

Knowing the options will help you make informed investment and transaction decisions in this budding marketplace.

Monero

People who value security and cryptography may turn to Monero, founded in 2014 specifically for those looking for extra security in their virtual currency transactions.

It uses a system of “ring signatures” for advanced transaction verification. This means that during any transaction, the system generates a series of cryptographic signatures where only one is the real one.

Unfortunately, this emphasis on anonymity and security has made Monero attractive to criminal organizations as well.

Ripple

As opposed to most virtual currency systems, Ripple doesn’t generate currency at regular intervals. Instead, it creates and removes currency based on the needs of the current market supply and to the system’s guidelines.

This means that its market isn’t as variable as bitcoin’s and doesn’t require virtual “mining” to generate funds. It uses far less computing power than most of its competitors as a result.

Kin

Kin was founded relatively recently in 2017 by the popular messaging service, Kik. By using its established user base as a starting point, Kik established this currency as a collective economic network to link its users and make virtual transactions more convenient.

Kin price have been looking optimistic due to its streamlined network that utilizes its own platform for third-party services like the Kin wallet. Normally, these utilities would have to be outsourced to third parties. This is just one of the ways that the pre-established Kik platform gives Kin and the Kin coin price an edge in the coming decade.

Tether

Some people don’t trust the volatile markets of the larger virtual currencies like bitcoin, which have been known to be subject to sudden change. For them, Tether could be a great transaction alternative since it’s set up as a “stablecoin” rather than a true virtual currency.

This means that its market prices are tied to the value of a real currency (such as the U.S. dollar) or a real-world asset (such as the price of gold). This means that a stablecoin’s value won’t change as suddenly as that of a true virtual marketplace.

The Takeaway

Bitcoin has dominated the virtual currency market since it created it. However, these alternatives, whether well-established or brand new, are viable investment and transaction options for those looking for something more traditional or something a little smaller.